Is Your Career Hurting Your Earning Potential?

I have always assumed that if your career/job pays you decent money that you should have no trouble getting ahead financially as long as you’re responsible with money. But recently an old friend who works in a high powered, high paying, high stress career made me rethink that assumption.

My friend works for a large company and he is one of the big-wigs. He travels a lot, works ridiculously long hours, and has a lot of stress. On the other hand, he is paid a great deal of money (low/mid six-figures) and lives in an average cost of living area. Yet he’s not getting ahead. He called me wanting to know what he could do differently to better his financial situation so that he could hav

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7 Responses to Is Your Career Hurting Your Earning Potential?

  1. Aryn says:

    I hope he at least saves all those business expenses so he can deduct them from his taxes at the end of the year (assuming he itemizes).

    Frankly, I think he should consider an entirely new industry. With his people-skills, he could probably transition to something that would allow him to live the way he wants to live and give him the time to enjoy it. Is the high salary worth dying sooner due to stress?

  2. Ceejay74 says:

    He should definitely start itemizing if he’s not already; otherwise he’s paying taxes on money that’s not really his, which is unfair. He sounds like a fairly savvy guy so hopefully his tax preparer has already gotten this through to him.

    I agree: If he’ll clear almost as much at a lower-paying job that pays his expenses, it’s worth it. Stress is a really serious liability when you consider he’s not getting that much more out of this job than he would a lower-stress job.

  3. krayziebone33 says:

    The only thing that I have to say might appear to be a bit harsh, but how can he say he enjoys his job so much if he has to see a therapist to help him get by? That’s a bit nitpicky, I know, but I had to ask the question. If he had another job, then maybe he would not need to see a therapist and that would be one cost that he could erase.

  4. Tyler says:

    Why on earth would he continue this job if he sees a therapist because of it? I’d also rather take a lower paying job if it means they pay for my expenses. Why? Because you still come out even AND you no longer have the burden of paying for anything. Dumb, dumb, and more dumb here. I also think that his unwilling to give up his “luxuries” just shows his real side of not wanting to get ahead. Honestly, one must give up more than what is comfortable if one is to get ahead.

  5. Kristi CF says:

    It’s not his career that is killing his wealth its that aprticular employer. As you said it is highly unusual for an emmployer to not reimburse for the multitude of expenses you listed – especially for someone at his level – and most companies have insurance with a counseling benefit. Obviously the only answer is to quit this job.

    As for not being able to excercise outside of a club I don’t buy it – my husband and I both – in LA – jog or walk around our block and hike. We wear appropriate clothing and carry appropriate protection. This is a myth that everyone buys into that has supported the Fitness Clubs long enough. This is an expense that is easily cut by anyone. Even a one time purchse of fitness cd’s/tapes or a treadmill/weight bench etc. islong term less expensive and less fo a hassle/stress than commuting to a fitness club. And, anyone can meditate and/or do yoga, arguably the #1 thing you can do for stress.

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